EURO-CEFG Commentary: Opinion of Advocate General Cruz Villalón in OMT Case

Today, Advocate General Cruz Villalón presented his proposals for an upcoming judgement of the European Court of Justice in the Outright Monetary Transactions’ programme of the European Central Bank. In his opinion, OMT is compatible with EU Law. Professor Fabian Amtenbrink: ‘ The opinion of the Advocate General risks a constitutional standoff with the German Federal Constitutional Court and fails to find a “golden mean” to align the legal fears of the German Court with the economic necessity of the OMT. The limiting criterion of an embargo period for the purchase of government bonds is not convincing in order to prevent monetary financing of Member States.’

EURO-CEFG Commentary on AG Opinion 'OMT is legal under EU Law